Indian Crypto Exchange CoinDCX Hits $2 Billion Valuation After New Funding of $135 Million

In a significant development in the Indian startup ecosystem, CoinDCX, one of India’s leading cryptocurrency exchanges, has doubled its valuation to $2.15 billion with Steadview Capital’s investment. This development comes at a time when the crypto market is experiencing a surge in popularity and adoption.

CoinDCX’s Growth Story

Founded in 2017 by Sameer Mhatre, Siddharth Sogani, and Swapnil Dewan, CoinDCX has grown exponentially over the years to become one of the largest cryptocurrency exchanges in India. The platform offers a range of services, including buying, selling, and trading cryptocurrencies like Bitcoin, Ethereum, and others.

Steadview Capital’s Investment

Steadview Capital, a global investment firm with a focus on emerging markets, has invested an undisclosed amount in CoinDCX as part of its Series C funding round. This investment values CoinDCX at $2.15 billion, more than doubling its previous valuation of $1 billion.

Ravi Mehta’s Statement

Ravi Mehta, Managing Director of Steadview Capital, said, "We are excited to deepen our investment in CoinDCX and fuel the growth of one of the most loved Web3 companies in India."

CoinDCX’s Plans for the Future

With this new funding, CoinDCX plans to expand its services and offerings, including the launch of a new mobile app and an increase in its employee base. The company also plans to focus on building its ecosystem and creating more value for its users.

Competition in the Crypto Market

The crypto market is highly competitive, with several players vying for market share. CoinDCX faces competition from other popular exchanges like WazirX, Zebpay, and Unocoin. However, with Steadview Capital’s investment, CoinDCX is well-positioned to take on the competition and emerge as a leader in the Indian crypto market.

Steadview Capital’s Track Record

Steadview Capital has a successful track record of investing in emerging markets and companies with high growth potential. The firm has invested in several Indian startups, including Ola, Flipkart, and Paytm.

Conclusion

CoinDCX’s doubling of its valuation to $2.15 billion is a significant milestone for the company and the Indian startup ecosystem as a whole. With Steadview Capital’s investment, CoinDCX is well-positioned to continue its growth trajectory and emerge as a leader in the crypto market. This development also highlights the growing importance of the crypto sector in India and the potential for further investments and growth in the coming years.